I have a decision in principle. The lender mentioned the loan came with free conveyancing. Is the implication that I have to appoint their panel solicitor as I would much rather use a specialised conveyancing solicitor in Worcestershire?
You should check but the the likelihood is that give you one of their panel lawyers where you accept the "fee-free" incentive. Contact the bank to ask if they make available a monetary alternative. In the past a few lenders offered a £250 cashback as an alternative in which case you could put that amount towards your preferred conveyancing solicitor near Worcestershire.
Should commercial conveyancing searches reveal impending roadworks that may affect a commercial property in Worcestershire?
Its becoming the norm that commercial conveyancing solicitors in Worcestershire will execute a SiteSolutions Highways report as it reduces the time that conveyancers spend in investigating accurate data on highways that impact buildings and development assets in Worcestershire. The search result sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Worcestershire.
For each commercial conveyancing transaction in Worcestershire it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately could result in delays to Worcestershire commercial conveyancing deals as well as present a risk to future plans for the site. These searches are not conducted for residential conveyancing in Worcestershire.
I'm buying my first flat in Worcestershire with a loan from Birmingham Midshires. The sellers would not budge the amount so I negotiated £7000 of additionals instead. The sale representative suggested that I not reveal to my lawyer about the side-deal as it will affect my loan with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Yesterday I discovered that there is a flying freehold element on a house I have offered on two weeks back in what was supposed to be a simple, chain free conveyancing. Worcestershire is the location of the property. Can you shed any light on this issue?
Flying freeholds in Worcestershire are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Worcestershire you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Worcestershire may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Taking into account that I will soon part with over three hundred thousand on a house in Worcestershire I wish to talk to a solicitor about mytransaction ahead of appointing the firm. Can this be arranged?
Absolutely - it is our preference to talk to you we do not take any clients on without you liaising with the solicitor who will be doing your conveyancing in Worcestershire.There is no ‘factory style conveyancing’ - each client is unique person, not a file reference. The practices that we put you in touch with believe that the fees you are calculated and presented to you for your conveyancing in Worcestershire should be the figure that you are charged.
I am attracted to a couple of flats in Worcestershire both have approximately forty five years left on the leases. Will this present a problem?
There are plenty of short leases in Worcestershire. The lease is a legal document that entitles you to use the premises for a period of time. As the lease gets shorter the saleability of the lease deteriorates and results in it becoming more costly to acquire a lease extension. For this reason it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We recommend you get professional help from a conveyancer and surveyor with experience in this field.
I acquired a leasehold flat in Worcestershire, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Worcestershire with an extended lease are worth £186,000. The ground rent is £55 yearly. The lease ends on 21st October 2078
With just 53 years left to run the likely cost is going to be between £27,600 and £31,800 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.